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BGEO Group tops the FTSE 250 - here's why

One leading broker was very bullish on the prospects for the lender.
BGEO Group tops the FTSE 250 - here's why
Shares in the owner of the Bank of Georgia rose 11% rose to £31.19

BGEO Group PLC was provided a lift courtesy of a bullish broker circular that followed Monday's solid third-quarter results statement.

Shares in the owner of the Bank of Georgia responded by posting an 11% rise to £31.19.

The American house Jefferies said the stock is worth £40 as it repeated its ‘buy’ recommendation.

“We remain bullish on BGEO following results after the close yesterday,” said analyst Joseph Dickerson.

“The retail banking led balance sheet growth (loans up 20% year-on-year) is consistent with our thesis and the banking business produced a 25% return on average equity.

“Credit costs were higher than we modelled but we do not see this as particularly price-sensitive.”

The Tbilisi-based bank said profit rose 75% to US$61mln for the three months ended September. Revenues rose just over 6%.

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